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Leases | 12 Months Ended
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Dec. 31, 2017
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Leases |
14. | Leases
Finance leases The Company entered into finance leases of aircraft through Japanese Operating Leases with Call Option (JOLCO) arrangements. These arrangements establish semi-annual payments of obligations, and have a minimum lease term of 10 years, with a purchase option at the end of the lease. As of December 31, 2017, the scheduled future minimum lease payments required under finance leases are as follows:
|  | Future minimum lease payments |  |  | Interest |  |  | Present value of minimum lease payments |
Up to one year |  | $ | 46,274 |  |  | $ | 16,180 |  |  | $ | 45,416 |
One to five years |  |  | 186,344 |  |  |  | 54,830 |  |  |  | 169,383 |
Over five years |  |  | 388,005 |  |  |  | 26,924 |  |  |  | 310,388 |
Total minimum lease payments |  | $ | 620,623 |  |  | $ | 97,934 |  |  | $ | 525,187 |
As of December 31, 2016, the scheduled future minimum lease payments required under finance leases are as follows:
|  | Future minimum lease payments |  |  | Interest |  |  | Present value of minimum lease payments |
Up to one year |  | $ | 39,016 |  |  | $ | 14,524 |  |  | $ | 38,407 |
One to five years |  |  | 152,880 |  |  |  | 48,979 |  |  |  | 139,322 |
Over five years |  |  | 366,131 |  |  |  | 32,727 |  |  |  | 288,638 |
Total minimum lease payments |  | $ | 558,027 |  |  | $ | 96,230 |  |  | $ | 466,367 |
Assets acquired under finance leases are classified under property and equipment, and the finance leases are classified as long-term debt (see note 18). During the years ended 2017 and 2016, the Company’s non-cash investing and financing transactions include the acquisition of new aircraft that are financed using a JOLCO structure in the amounts of $89.0 million and $46.0 million, respectively. Operating leases As of December 31, 2017, the scheduled future minimum lease payments required under aircraft and non-aircraft operating leases that have initial non-cancellable lease terms in excess of one year are as follows:
|  | Aircraft |  |  | Others |
Up to one year |  | $ | 111,568 |  |  | $ | 14,988 |
One to five years |  |  | 270,310 |  |  |  | 74,943 |
More than five years |  |  | 18,957 |  |  |  | 17,509 |
Total minimum lease payments |  | $ | 400,835 |  |  | $ | 107,440 |
Total lease expense amount to $134.5 million for the year ended December, 31 2017 (2016: $138.8 million and 2015: $142.2 million) included under “Aircraft rentals and other rentals” in the accompanying consolidated statement of profit or loss. The Company leases some of the aircraft it operates under long-term lease agreements with an average duration of 10 years. Aircraft under operating leases may be renewed in accordance with management’s business plan. Other leased assets include real estate, airport and terminal facilities, sales offices, maintenance facilities, and general offices. Most lease agreements include renewal options; a few have escalation clauses, but no purchase options. Because the lease renewals are not considered to be reasonably assured, the lease payments that would be due during the renewal periods are not included in the determination of lease expenses until the leases are renewed. Leasehold improvements are amortized over the contractually committed lease term, which does not include the renewal periods. Since 2015, the Company is the lessor of two aircraft, as part of the strategy of fleet management, in order to optimize the use of aircraft in relation to the routes scheduled for that year. Each lease is scheduled to expire in 2020. The carrying amount of the two aircraft under operating leases is up to $37.0 million (2015: $41.6 million). Total lease income amounts to $3.5 million for the year ended December 31, 2017 (2016: $3.5 million and 2015: $1.9 million), included under “Other operating revenue” in the accompanying consolidated statement of profit or loss. As of December 31, 2017, future minimum lease receivables under non-cancellable leases are as follows:
|  | 2017 |  |  | 2016 |
Up to one year |  | $ | 3,480 |  |  | $ | 3,480 |
One to five years |  |  | 5,075 |  |  |  | 8,555 |
Total minimum lease rental payments |  | $ | 8,555 |  |  | $ | 12,035 |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2017-01-01 -Section Leases in the financial statements of lessees -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2017-03-02&anchor=sect_Leasesinthefinancialstatementsoflessees&doctype=Standard&book=B -URIDate 2017-03-09 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2017-01-01 -Section Leases in the financial statements of lessors -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2017-03-02&anchor=sect_Leasesinthefinancialstatementsoflessors&doctype=Standard&book=B -URIDate 2017-03-09 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2019-01-01 -Name IFRS -Number 16 -IssueDate 2017-01-01 -Section Presentation -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=16&date=2017-03-01&anchor=sect_Presentation&doctype=Standard -URIDate 2017-03-09 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2019-01-01 -Name IFRS -Number 16 -IssueDate 2017-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=16&date=2017-03-01&anchor=sect_Disclosure&doctype=Standard -URIDate 2017-03-09 + Details
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